Fengmao Technology to build new auto parts plant in Jiaxing

Zhejiang Fengmao Technology Co., Ltd. plans to sign an investment cooperation agreement with the administrative committee of Jiaxing High-Tech Industrial Development Zone to establish a new automotive parts manufacturing plant in the area. The company intends to acquire land within the zone for the construction of the project.

With an expected investment of up to RMB1.5 billion (USD209 million), the plant is projected to reach full production within five years of starting operations, generating an annual output value of around RMB1.5 billion (USD209 million) and contributing about RMB60 million (USD8.35 million) in taxes each year.